Trucking Sector: New Reporting Obligations

To address perceived tax non-compliance in the trucking sector, CRA announced that penalties will now apply when businesses in the trucking industry fail to file T4A slips reporting fees for services (Box 048) exceeding $500 paid to CCPCs (Canadian-controlled private corporations) in the trucking industry, commencing for the 2025 calendar year. CRA indicated that a business will be considered to be operating in the trucking industry if more than 50% of its primary source of…

Post published:January 27, 2026
Post category:Business – Taxes Corporate Taxes Individual – Taxes Personal Taxes

Short-term Rentals: Denial of Expenses

In late 2023, the Federal government announced its intention to deny income tax deductions for expenses by non-compliant operators of short-term rental properties (such as Airbnb or VRBO properties rented for periods of less than 90 days). These rules would apply to individuals, corporations and trusts with non-compliant short-term rentals.These rules are proposed to come into effect on January 1, 2024. A short-term rental would be non-compliant if, at any time, either: the province or…

Post published:September 13, 2024
Post category:Business – Taxes Special Interest Tax Planning

Business Receipts: What is Sufficient?

In a recent Tax Tip, CRA stated that an acceptable receipt for income tax purposes must contain all of the following: the date of the purchase; the name and address of the seller; the name and address of the buyer; the full description of the goods or services purchased; and the vendor’s business number if the vendor is a GST/HST registrant. Credit card statements are not generally acceptable unless they contain all the above information.…

Post published:August 20, 2024
Post category:Business – Taxes Contractor Corporate Taxes Professionals

GST/HST Returns: Mandatory Electronic Filing

For reporting periods that begin in 2024 and onwards, GST/HST registrants (except charities and selected financial institutions) must file all GST/HST returns with CRA electronically.Registrants who file their GST/HST returns on paper are subject to a penalty of $100 for the first offense and $250 for each subsequent return not filed electronically. While CRA waived these penalties for monthly and quarterly filers who failed to file returns electronically for periods beginning before March 31, 2024,…

Post published:May 23, 2024
Post category:Business – Taxes Tax Planning

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